Another day, another interesting project with its own cryptocurrency. Called Ethos, it aims to bring crypto-based assets closer to the general public, with a few distinct features that could help it gain traction.
The project is backed by a serious team, and we think it stands a chance to become and remain relevant in the years to come. Here are 5 things you should know about Ethos…
1. The platform and cryptocurrency
Formerly known as Bitquence (BQX), Ethos is both the platform and the cryptocurrency (or token), run by a US-based firm that aims to make cryptocurrencies more accessible and trustworthy to the average user. It will do this by providing tools for accelerating the adoption of blockchain technology and democratizing the ownership of both digital and traditional assets through the Ethos ecosystem.
Here’s a short video introducing the Ethos project:
The Ethos cryptocurrency, in case you wonder, is an ERC20-based token running on Ethereum’s network.
2. Three components of the platform
Generally speaking, the Ethos platform consists of three main components:
Ethos Universal Wallet
The decentralized wallet management system allows users to easily transfer tokens anywhere in the world. The Ethos Universal Wallet is made to seamlessly link with the fiat and diversification layer.
Fiat and Diversification
This is arguably the main pillar of the Ethos system that aim to help make cryptocurrencies more accessible by the general public. Ethos includes a unique legal structure with a fiat/diversification system whose capabilities are amplified by the Ethos liquidity network tokens.
Social and Community
This is the layer that should help Ethos get an Average Joe on to its platform. The Social and Community layer is designed to engage and connect novices and experts, while rewarding those who help educate others.
3. Ethos features
The above mentioned three components can be broken down into different features, including (but not limited to):
Ethos Universal Wallet with Smart Keys
Ethos’s universal wallet enables users store multiple currencies in one place. Moreover, it will be powered by the so called “smart keys” that will let users control different types of cryptocurrencies with a single smart key.
In addition to sending Ethos tokens from one Ethos wallet/address to the other, the platform will also enable users to send tokens for free to any phone number or email. This is another way of including the general public to the platform.
Ethos Liquidity Network
Ethos will keep a certain portion of all the coins for itself to provide liquidity to the system whenever the need strucks. This will ensure that users will always be able to deposit, withdraw, send or exchange any of their crypto-assets instantly.
Another feature that will help bring mainstream users to the platform; Ethos Fiat Gateway is designed to bridge the fiat/crypto gap, though it is important to mention this is more of a regulatory than a technical issue. In that sense, third parties accessing the platform through an API will have to meet certain KYC/AML (Know Your Customer / Anti Money Laundering) criteria.
Ethos Social Network
As mentioned above, Ethos includes a social network that should help bring novices and experts together, with latter being incentivized to share their knowledge.
4. The Ethos token
As mentioned, Ethos has a cryptocurrency of its own; it’s an ERC20-based token running on Ethereum’s network. This token will have multiple use cases, including:
- To facilitate rewards and incentivization
- For paying various services on the platform, like one-click diversification
- For accessing premium services and gamification
- For API access for developers
Ethos says the token will help reduce the costs of transactions and access to the platform for developers. Also, it should help propel creation of an open financial ecosystem that bridges traditional and crypto assets.
The Ethos (formerly Bitquence) token sale took place in July 2017 during which a total of 222,295,208 tokens were created. That’s 30 percent of all the tokens, with another 30 percent set aside to support further Ethos development and marketing, and another 40 percent for providing liquidity down the road.
5. Storing and buying/selling Ethos tokens
As an ERC20 token, Ethos can be stored in a number of wallets, including mobile (Coinomi, Jaxx), web-based (Jaxx), desktop (Jaxx, MyEtherWallet) and hardware wallets (Ledger Nano S and Trezor).
The Ethos token can be bought and sold through few exchanges, where you can trade your ether and/or bitcoin for Ethos. Exchanges supporting Ethos include Binance, Livecoin, Cobinhood, CoinExchange, and HitBTC, among others.
Finally, if you want to keep up with Ethos, you can check out the project’s website, blog and the Twitter account. Also, there’s a dedicated channel on Telegram, and a Reddit group, which should provide you with a ton of information about Ethos. And you can take it from there, deciding for yourself whether this is something you find interesting. We kinda love it, in case you wonder. 😉